AUDUSD Daily Analysis – August 16, 2017

AUDUSD extended its downside movement from 0.8065 to as low as 0.7807, facing the bullish trend line on its daily chart. A clear break below the trend line support could take price to next support level at around 0.7700. Near term resistance is at the top trend line of the price channel on the 4-hour chart, as long as the channel resistance holds, the downtrend will continue. Key resistance is at 0.7918, only break above this level could signal completion of the downtrend.

AUDUSD 4-hour chart